In 1936 Marshal H. Larrabee II founded the Skaneateles Handicrafters, a toy company which made wooden toy trains and wooden tracks.
The gauge was very similar to that used by most companies today, and so the rolling stock is compatible. However, the connections for the track pieces were of a different design than the jigsaw style "peg and hole" system used today.
Trains were usually left unpainted and unstained, the parts being made of maple.
What's it worth? Take a look at this Skaneateles price guide: sold listings for a value indication.